TORONTO, June 10, 2021 (GLOBE NEWSWIRE) – Patriot One Technologies Inc. (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”) is pleased to release its third quarter interim financial results for the three and nine month periods ended April 30 2021. All information is in Canadian dollars unless otherwise noted.
The following press release should be read in conjunction with the Company’s Condensed Consolidated Interim Financial Statements, prepared in accordance with the International Financial Reporting Standards (“IFRS”) and the Discussion and Analysis of our Management for the three-year periods. nine months ended April 30, 2021. which can be found on SEDAR at www.sedar.com and on the Company’s website at www.patriot1tech.com.
“We continue to see a rebound and strong acceleration in market activity, resulting in a significant increase in the number of customer interactions, site surveys, demos and tests,” said Peter Evans, CEO of Patriot One. “With this momentum, coupled with our new focused sales organization and our strengthening sales portfolio, I am very optimistic and believe that we are well positioned to deliver a strong end to our fiscal year.”
Company Highlights for the Three and Nine Months Ended April 30, 2021
The following is a summary of the Company’s main business aspects for the three-month period ended April 30, 2021:
- Continued to leverage newly hired seasoned sales reps who have begun closing long-term contracts and building a strong line of business for our advanced video AI and threat detection solutions;
- We closed multiple long-term PATSCAN platform underwriting agreements during the quarter, bringing our total PATSCAN portfolio to more than $ 800,000. Many potential clients are in final negotiations or pilot tests that should lead to additional commitments in the coming months;
- Xtract received multiple government projects during and after the quarter, totaling more than $ 2.4 million, including a 12-month contract worth $ 999,940 to tailor its innovative artificial intelligence (AI) solutions to provide misinformation and bug detection. misinformation for the Canadian Department of National Defense; other
- It continued to implement restructuring and cost reduction efforts to improve operational efficiency and better align the company with its strategic direction and business development plans.
Financial Results for the Third Quarter of Fiscal Year 2021
- Revenues were $ 0.2 million and $ 0.8 million for the three and nine-month periods ended April 30, 2021, respectively, compared to $ 1.2 million and $ 1.7 million for the same periods ended April 30, 2020 The year-over-year decrease was attributable to a single substantial contract with a government agency for $ 0.7 million for the three- and nine-month periods ended April 30, 2020.
- The Company had $ 0.3 million of deferred revenue and $ 1.0 million of contracted revenue not yet recognized as revenue as of April 30, 2021. After the end of the quarter, the Company received an additional $ 2.2 million in contractual commitments.
- Net loss was $ 3.2 million and $ 9.7 million for the three and nine-month periods ended April 30, 2021 compared to $ 5.2 million and $ 18.7 million for the same periods. ended April 30, 2020. The decrease in the loss corresponds to the rationalization of the Company’s business operations, the COVID-19 relief funds received and the transaction costs incurred in the comparative period of nine months for the acquisition of Xtract Technologies Inc.
- Basic and diluted loss per share was $ 0.02 and $ 0.06 for the three and nine-month periods ended April 30, 2021, respectively, compared to $ 0.03 and $ 0.13 for the same periods ended April 30, 2021. 2020.
About Patriot One Technologies
Patriot One Technologies manufactures unobtrusive weapons, powered by artificial intelligence (AI) and threat detection systems that enable stadiums, schools, theaters and other businesses to provide unprecedented security while enhancing the customer experience. The company’s multisensor gateway enables businesses to covertly search for weapons at points of entry without disrupting the flow of traffic, and its artificial intelligence-based video recognition (VRS) software enables operators of buildings and Locations identify weapons and other threats on and off the premises, while providing valuable intelligence to streamline operations. Follow us on Twitter @ patriot1tech.
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CAUTIONARY DISCLAIMER STATEMENT:
No stock exchange has reviewed or accepts any responsibility for the adequacy or accuracy of the content of this press release. This press release contains forward-looking statements regarding system sales, product development, licensing, marketing, and regulatory compliance issues and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expect”, “believe” and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. No assurance can be given that such statements will prove to be accurate and that actual results and future events may differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include counterparty default and other risks detailed from time to time in presentations made by the Company with securities regulations. The reader is cautioned that the assumptions used in the preparation of any forward-looking information may turn out to be incorrect. Events or circumstances may cause actual results to differ materially from those forecast, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the company. The reader is cautioned not to improperly rely on any forward-looking information. Such information, although considered reasonable by management at the time of its preparation, may be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company will publicly update or revise any of the forward-looking statements included only as expressly required by applicable law.
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